diff --git a/app/services/event_dashboard.rb b/app/services/event_dashboard.rb
index f27aac74bc..c603aa0992 100644
--- a/app/services/event_dashboard.rb
+++ b/app/services/event_dashboard.rb
@@ -189,7 +189,8 @@ def registration_subtotal_cents
   end
 
   def grand_total_cents
-    registration_subtotal_cents + scholarship_total_cents + cont_ed_total_cents + unallocated_bulk_payment_cents
+    registration_subtotal_cents + scholarship_total_cents + cont_ed_total_cents +
+      unallocated_bulk_payment_cents + unallocated_direct_payment_cents
   end
 
   # Money received through this event's bulk payment submissions that hasn't been
@@ -198,6 +199,14 @@ def unallocated_bulk_payment_cents
     bulk_payments.sum(:amount_cents_remaining)
   end
 
+  # Leftover cash on direct (non-bulk) payments applied to this event's
+  # registrations — e.g. a registrant who overpaid, so the payment still carries
+  # an unallocated balance. Excludes bulk payments, whose remainder is already
+  # counted by unallocated_bulk_payment_cents, so the two never double-count.
+  def unallocated_direct_payment_cents
+    direct_payments.sum(:amount_cents_remaining)
+  end
+
   # Cash actually collected from registrants: registration payments received plus
   # continuing-education fees paid. Excludes scholarships, which are awarded, not
   # collected. With due_cents this sums to monies_made_cents.
@@ -750,6 +759,16 @@ def bulk_payments
     )
   end
 
+  # Direct (non-bulk) payments allocated to this event's active registrations
+  # that still carry an unallocated balance. Excludes bulk payments so their
+  # remainder isn't double-counted against unallocated_bulk_payment_cents.
+  def direct_payments
+    @direct_payments ||= Payment
+      .where(id: registration_allocations.where(source_type: "Payment").select(:source_id))
+      .where("amount_cents_remaining > 0")
+      .where.not(id: bulk_payments.select(:id))
+  end
+
   def scholarships
     @scholarships ||= Scholarship
       .joins(:allocation)
diff --git a/app/views/events/dashboard.html.erb b/app/views/events/dashboard.html.erb
index 78ec2b70cc..00fb7a0a0e 100644
--- a/app/views/events/dashboard.html.erb
+++ b/app/views/events/dashboard.html.erb
@@ -83,6 +83,7 @@
           $grand = $registration + $scholarships + $cont_ed. Left-aligned; the headline
           figure dominates while the addends stay muted, and the row wraps on mobile. %>
       <% show_bulk_payments = @dashboard.unallocated_bulk_payment_cents.positive? %>
+      <% show_direct_payments = @dashboard.unallocated_direct_payment_cents.positive? %>
       <%# Each equation term is colorless at rest and reveals its domain color on
           hover — a tinted fill + darker border, matching the amber bulk-payments
           term's look but per-domain. border-transparent reserves the border so
@@ -134,8 +135,21 @@
                   <p class="hidden lg:block text-xs text-gray-500">Unallocated bulk payments</p>
                 <% end %>
               <% end %>
+              <% if show_direct_payments %>
+                <span class="text-2xl font-light text-gray-300 select-none">+</span>
+                <%# Same amber treatment as the bulk-payments term — leftover cash on
+                    a registrant's direct payment still needs allocating. Links to the
+                    payments index filtered to payments with an unallocated balance. %>
+                <%= link_to payments_path(has_remaining: "yes"), class: "whitespace-nowrap leading-tight rounded-lg border border-amber-300 bg-amber-50 px-3 py-2 hover:bg-amber-100 transition-colors", title: "View unallocated payments" do %>
+                  <p class="flex items-center gap-1.5 text-lg sm:text-xl font-semibold text-amber-700 tabular-nums">
+                    <i class="fa-solid fa-circle-exclamation"></i>
+                    <%= dollars_from_cents(@dashboard.unallocated_direct_payment_cents) %>
+                  </p>
+                  <p class="hidden lg:block text-xs text-gray-500">Unallocated direct payments</p>
+                <% end %>
+              <% end %>
             </div>
-            <p class="mt-1 text-xs text-gray-500 lg:hidden">Registration fees + scholarships + CE fees<%= " + unallocated bulk payments" if show_bulk_payments %></p>
+            <p class="mt-1 text-xs text-gray-500 lg:hidden">Registration fees + scholarships + CE fees<%= " + unallocated bulk payments" if show_bulk_payments %><%= " + unallocated direct payments" if show_direct_payments %></p>
           </div>
 
           <%# Cash view of the same money: what's collected (registration paid +
diff --git a/spec/requests/events_spec.rb b/spec/requests/events_spec.rb
index 6366abd982..718e4958b4 100644
--- a/spec/requests/events_spec.rb
+++ b/spec/requests/events_spec.rb
@@ -1140,6 +1140,26 @@ def submit_agency_name(name)
 
         expect(response.body).not_to include("Unallocated bulk payments")
       end
+
+      it "shows unallocated direct payments in the equation, linking to the filtered payments index" do
+        payment = create(:payment, person: person, amount_cents: 5_000, amount_cents_remaining: 5_000)
+        create(:allocation, source: payment, allocatable: registration, amount: 3_000)
+
+        get dashboard_event_path(event)
+
+        expect(response).to have_http_status(:ok)
+        expect(response.body).to include("Unallocated direct payments")
+        expect(response.body).to include(payments_path(has_remaining: "yes"))
+      end
+
+      it "omits the direct payments term when every payment is fully applied" do
+        payment = create(:payment, person: person, amount_cents: 3_000, amount_cents_remaining: 3_000)
+        create(:allocation, source: payment, allocatable: registration, amount: 3_000)
+
+        get dashboard_event_path(event)
+
+        expect(response.body).not_to include("Unallocated direct payments")
+      end
     end
 
     context "as non-admin non-owner" do
diff --git a/spec/services/event_dashboard_spec.rb b/spec/services/event_dashboard_spec.rb
index 1c3d2a03e6..ec1dcce74d 100644
--- a/spec/services/event_dashboard_spec.rb
+++ b/spec/services/event_dashboard_spec.rb
@@ -64,7 +64,9 @@
       create(:allocation, source: create(:payment, amount_cents: 5_000, amount_cents_remaining: 5_000),
                           allocatable: cancelled_reg, amount: 5_000)
 
-      # Money: reg1 fully covered (payment + scholarship), reg2 partly paid.
+      # Money: reg1 fully covered (payment + scholarship), reg2 partly paid. Each
+      # payment is fully applied to its registration, so the allocation callback
+      # decrements its remaining to zero — no unallocated balance left over.
       create(:allocation, source: create(:payment, amount_cents: 6_000, amount_cents_remaining: 6_000),
                           allocatable: reg1, amount: 6_000)
       scholarship = create(:scholarship, recipient: person1, amount_cents: 4_000, tasks_completed: true)
@@ -144,11 +146,12 @@
         expect(dashboard.registration_subtotal_cents).to eq(16_000)
       end
 
-      it "reports grand total as registration subtotal plus completed scholarships plus cont ed plus unallocated bulk payments" do
+      it "reports grand total as registration subtotal plus completed scholarships plus cont ed plus unallocated bulk and direct payments" do
         expect(dashboard.grand_total_cents).to eq(20_000)
         expect(dashboard.grand_total_cents).to eq(
           dashboard.registration_subtotal_cents + dashboard.scholarship_total_cents +
-            dashboard.cont_ed_total_cents + dashboard.unallocated_bulk_payment_cents
+            dashboard.cont_ed_total_cents + dashboard.unallocated_bulk_payment_cents +
+            dashboard.unallocated_direct_payment_cents
         )
       end
 
@@ -156,6 +159,10 @@
         expect(dashboard.unallocated_bulk_payment_cents).to eq(0)
       end
 
+      it "reports no unallocated direct payments when every payment is fully applied" do
+        expect(dashboard.unallocated_direct_payment_cents).to eq(0)
+      end
+
       it "is not free when the event has a cost" do
         expect(dashboard.free?).to be(false)
       end
@@ -847,4 +854,65 @@ def opt_in(person, text:)
       expect(dashboard.unallocated_bulk_payment_cents).to eq(0)
     end
   end
+
+  describe "unallocated direct payments" do
+    let(:event) { create(:event, cost_cents: 10_000) }
+    let(:payer) { create(:person) }
+    let!(:registration) { create(:event_registration, event: event, registrant: payer, status: "registered") }
+
+    it "sums the leftover balance on direct payments applied to the event's registrations" do
+      # Overpaid: a $5,000 payment with only $3,000 applied leaves $2,000 unallocated
+      # (the allocation callback decrements the payment's remaining).
+      payment = create(:payment, person: payer, amount_cents: 5_000, amount_cents_remaining: 5_000)
+      create(:allocation, source: payment, allocatable: registration, amount: 3_000)
+
+      expect(dashboard.unallocated_direct_payment_cents).to eq(2_000)
+    end
+
+    it "adds the leftover balance to the grand total" do
+      payment = create(:payment, person: payer, amount_cents: 5_000, amount_cents_remaining: 5_000)
+      create(:allocation, source: payment, allocatable: registration, amount: 3_000)
+
+      expect(dashboard.grand_total_cents).to eq(
+        dashboard.registration_subtotal_cents + dashboard.scholarship_total_cents +
+          dashboard.cont_ed_total_cents + dashboard.unallocated_bulk_payment_cents + 2_000
+      )
+    end
+
+    it "ignores fully-applied direct payments" do
+      payment = create(:payment, person: payer, amount_cents: 3_000, amount_cents_remaining: 3_000)
+      create(:allocation, source: payment, allocatable: registration, amount: 3_000)
+
+      expect(dashboard.unallocated_direct_payment_cents).to eq(0)
+    end
+
+    it "ignores payments allocated to other events' registrations" do
+      other_event = create(:event, cost_cents: 10_000)
+      other_registration = create(:event_registration, event: other_event, registrant: payer, status: "registered")
+      payment = create(:payment, person: payer, amount_cents: 5_000, amount_cents_remaining: 5_000)
+      create(:allocation, source: payment, allocatable: other_registration, amount: 3_000)
+
+      expect(dashboard.unallocated_direct_payment_cents).to eq(0)
+    end
+
+    it "ignores payments allocated only to inactive registrations" do
+      cancelled = create(:event_registration, event: event, registrant: create(:person), status: "cancelled")
+      payment = create(:payment, person: payer, amount_cents: 5_000, amount_cents_remaining: 5_000)
+      create(:allocation, source: payment, allocatable: cancelled, amount: 3_000)
+
+      expect(dashboard.unallocated_direct_payment_cents).to eq(0)
+    end
+
+    it "does not double-count bulk payments that have been applied to registrations" do
+      bulk_form = create(:form)
+      create(:event_form, event: event, form: bulk_form, role: "bulk_payment")
+      submission = create(:form_submission, person: payer, form: bulk_form, event: event, role: "bulk_payment")
+      bulk_payment = create(:payment, person: payer, form_submission: submission,
+                                      amount_cents: 5_000, amount_cents_remaining: 5_000)
+      create(:allocation, source: bulk_payment, allocatable: registration, amount: 3_000)
+
+      expect(dashboard.unallocated_direct_payment_cents).to eq(0)
+      expect(dashboard.unallocated_bulk_payment_cents).to eq(2_000)
+    end
+  end
 end